CI Investments Inc. reduced its holdings in Graco Inc. (NYSE:GGG – Get Rating) by 13.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,207 shares of the industrial products company’s stock after selling 512 shares during the period. CI Investments Inc.’s holdings in Graco were worth $224,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Schroder Investment Management Group raised its holdings in Graco by 372.4% during the fourth quarter. Schroder Investment Management Group now owns 300,802 shares of the industrial products company’s stock worth $24,251,000 after acquiring an additional 237,124 shares in the last quarter. Champlain Investment Partners LLC boosted its holdings in shares of Graco by 13.8% in the 4th quarter. Champlain Investment Partners LLC now owns 1,861,540 shares of the industrial products company’s stock valued at $150,077,000 after buying an additional 225,660 shares during the last quarter. TD Asset Management Inc. grew its stake in shares of Graco by 78.6% in the first quarter. TD Asset Management Inc. now owns 457,508 shares of the industrial products company’s stock valued at $31,897,000 after buying an additional 201,335 shares in the last quarter. State Street Corp increased its holdings in Graco by 3.7% during the fourth quarter. State Street Corp now owns 5,670,918 shares of the industrial products company’s stock worth $457,189,000 after buying an additional 201,147 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its position in Graco by 1,006.7% during the fourth quarter. Panagora Asset Management Inc. now owns 207,286 shares of the industrial products company’s stock worth $16,711,000 after acquiring an additional 188,556 shares in the last quarter. 86.47% of the stock is owned by institutional investors.
Graco Trading Down 0.9 %
Shares of NYSE:GGG opened at $63.43 on Tuesday. Graco Inc. has a 12-month low of $56.48 and a 12-month high of $81.09. The business has a 50 day moving average of $64.13 and a 200-day moving average of $65.15. The company has a quick ratio of 1.95, a current ratio of 3.01 and a debt-to-equity ratio of 0.04. The stock has a market cap of $10.73 billion, a PE ratio of 24.97, a P/E/G ratio of 3.06 and a beta of 0.78.
Graco (NYSE:GGG – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.01. The business had revenue of $548.55 million during the quarter, compared to the consensus estimate of $533.49 million. Graco had a return on equity of 25.73% and a net margin of 21.38%. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 EPS. As a group, equities research analysts forecast that Graco Inc. will post 2.59 earnings per share for the current year.
Graco Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 3rd. Shareholders of record on Monday, July 18th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date was Friday, July 15th. Graco’s dividend payout ratio is currently 33.07%.
Insiders Place Their Bets
In related news, Director Eric Etchart sold 6,000 shares of the stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $58.64, for a total transaction of $351,840.00. Following the sale, the director now owns 31,403 shares of the company’s stock, valued at $1,841,471.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Eric Etchart sold 6,000 shares of the company’s stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $58.64, for a total transaction of $351,840.00. Following the completion of the sale, the director now owns 31,403 shares of the company’s stock, valued at $1,841,471.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David M. Ahlers sold 44,949 shares of the firm’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $70.77, for a total transaction of $3,181,040.73. Following the completion of the transaction, the executive vice president now directly owns 65,135 shares in the company, valued at $4,609,603.95. The disclosure for this sale can be found here. Insiders have sold a total of 56,949 shares of company stock worth $3,936,081 in the last quarter. Corporate insiders own 3.52% of the company’s stock.
Analyst Ratings Changes
Several research analysts have recently weighed in on the stock. DA Davidson lowered their price objective on shares of Graco to $70.00 in a research note on Tuesday, August 9th. Robert W. Baird downgraded Graco from an “outperform” rating to a “neutral” rating and set a $61.00 price target on the stock. in a research report on Thursday, July 14th. Finally, Morgan Stanley dropped their price objective on Graco from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 9th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Graco has an average rating of “Hold” and a consensus target price of $71.00.
Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The company’s Industrial segment offers proportioning systems to spray polyurethane foam and polyurea coatings; equipment that pumps, meters, mixes and dispenses sealant, adhesive, and composite materials; and gel-coat equipment, chop and wet-out systems, resin transfer molding systems and applicators, and precision dispensing solutions.
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